Prediction: Strong Storm Could Cause $65B in Offshore Losses

Wednesday, September 19, 2007
An extreme-risk consulting firm predicted a strong hurricane in the Gulf of Mexico could generate losses of more than $65 billion for the offshore oil and gas industry. EQECAT, a subsidiary of Oakland, Calif.-based ABSG Consulting Inc., said recently a strong Category 5 storm, with a track through the heart of the Gulf of Mexico, could produce such property damage and revenue losses. “Property damage alone could exceed $35 billion and losses due to business interruption and reduction in production capacity could add another $30 billion to the loss,” said Richard Clinton, EQECAT’s president. “Industry insured losses are more difficult to estimate due to changes in allocated insurance capacity, policy terms and limits following the large losses from 2004 and 2005 hurricanes, but certainly could be in the $15 billion range.” EQECAT based the findings on running a new offshore energy model it produced. The model has the ability to quantify the risk of disruption of product delivery to onshore facilities due to pipeline damage, reductions in production and infrastructure damage. The model can be found at www.eqecat.com.
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Oil Platform Ablaze in the Gulf of Mexico

Fire broke out on an unmanned oil platform in the Gulf of Mexico approximately five miles south of Port Fourchon, La., the Bureau of Safety and Environmental Enforcement (BSEE) reported.

Subsea Crane Takes a Long Journey

Last September the test bed in Rostock was the stage of a single lift of the RL-K 7500 subsea crane. The same crane was then loaded and shipped to the South Korean customer.

Dynamic Positioning & the Potential for USCG Regulations

Dynamic positioning is a vessel capability provided by integration of a variety of individual systems and functions to automatically maintain a vessel’s position

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1129 sec (9 req/sec)